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CR Bard's net income attributable to common shareholders was $129.5 million for the third quarter, up 16% from $111.2 million in the prior year quarter. Earnings rose 21% to $1.31 per share from $1.08 per share in the previous year quarter.
Excluding items, adjusted net income attributable to common shareholders was $112.4 million or $1.09 per share in the third quarter of 2008.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.28 per share for the third quarter. Analysts' estimates typically exclude special items.
The Murray Hill, New Jersey-based company's third quarter net sales increased 3% to $637.00 million from $616.80 million in the same quarter last year. Excluding the impact of foreign exchange, net sales grew 6% over a year ago. Thirteen analysts had a consensus revenue estimate of $640.97 million for the third quarter.
Timothy Ring, chairman and CEO of CR Bard, said, "Bard delivered another quarter of strong EPS performance while funding a record level of organic investment in R&D. We remain focused on the future through the development and acquisition of products that are differentiated by their clinical and economic benefits."
Net sales in the U.S. rose 6% to $442.6 million, while net sales outside the U.S. slipped 1% to $194.4 million from last year. Excluding the impact of foreign exchange, net sales outside the U.S. grew 7% over the prior-year quarter.
Net sales of vascular products for the third quarter increased 8% to $173.6 million and oncology product sales rose 1% to $171.6 million. Surgical specialties sales improved 3% to $93.1 million, while sales of urology products grew 2% year-over-year to $177.5 million.
Total costs and expenses for the third quarter eased to $451.8 million from $455.5 million in the prior year quarter.
During the quarter, CR Bard's unit, Davol Inc., agreed to acquire XenMatrix device from Brennen Medical LLC. The agreement provides Davol with the worldwide rights and related assets of the hernia products business of Brennen Medical LLC.
XenMatrix employs a proprietary technology that maintains an acellular structurally intact, non crosslinked porcine dermal matrix for enhanced biocompatibility in host tissue. This dermal matrix supports revascularization, remodeling and regeneration for abdominal wall and hernia repairs.
For the nine-month period of 2009, CR Bard reported net income attributable to common shareholders of $354.2 million or $3.52 per share, up from $267.1 million or $2.59 per share in the previous year period.
Adjusted net income attributable to common shareholders rose to $372.7 million or $3.70 per share from $334.3 million or $3.24 per share in the prior year period.
Net sales for the period increased 2% to $1.86 billion from $1.82 billion in the year-ago period.
CR Bard closed Wednesday's regular trading session at $75.26, down 48 cents on a volume of 1.68 million shares. In after-hours, the shares further lost $1.26 or 1.67%.
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